Max Zipper Co Ltd (8932) fair value: what the stock is really worth
We calculate from audited financials what Max Zipper Co Ltd is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
Check the quality50 and up solid, 75 and up strong
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A solid business, but trading 193% above our fair value of 31.83 TWD.
As of Aug 27, 2026, the fair value of Max Zipper Co Ltd is 31.83 TWD per share against a price of 93.40 TWD, so the fair value sits 66% below the price. A model estimate from reported figures, not an analyst target.
✓Healthy Growth (revenue 5y +23.2 %/yr)
✓Highly profitable · 31.3% net margin
✓Low debt · generates free cash flow
·0.77% dividend yield
!Mixed vs. peers (6/14)
✓Wide moat 91/100
!Weak on dividend: 15 out of 100
Evidence: HighRange 23.74 TWD to 60.12 TWD
Fair value as of: Aug 27, 2026
From 26 valuation models · updated 13 days ago
Share price −8.4% over the past month.
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Max Zipper Co Ltd (8932) currently trades at 93.40 TWD, while our model-based Fair Value estimate is 31.83 TWD, implying the stock looks roughly 193.4% overvalued today. The Quality Score stands at 74/100 (solid quality), in the Consumer Cyclical sector. Bull case: the DCF Models group reads highest at a median of 57.86 TWD per share, and 0 of the 26 models we run sit above the 93.40 TWD price. Bear case: the Asset-Based group reads lowest at 4.31 TWD, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Max Zipper Co Ltd generated revenue of 2.4B TWD at a net margin of 29.8%. Revenue grew 16.8% year over year. It earns a return on equity of 34.1%. Net debt stands at 232M TWD. Fundamentals as of Aug 27, 2026
Scenario range: 23.74 TWD (bear) to 60.12 TWD (bull), the price of 93.40 TWD sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 62% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −17% fair-value upside, at −66%, 8932 screens richer than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (0.1374 TWD per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence
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Key figures & financial health
P/E ratio77.8
P/S ratio22.6P/E × margin
EPS (TTM)1.20 TWDprice ÷ EPS = P/E 77.8
Dividend yield0.8%payout 60.1%
Net margin29.0%FY2025
Return on equity36.9%TTM
More key figures
Profitability
Return on assets (EBIT)11.7%avg 5y
Operating margin44.1%TTM
Growth
Revenue (TTM)2.4B TWDTTM
Revenue growth (YoY)+8.2%3y avg +41.6%
EPS growth (YoY)+35.5%
Balance sheet & cash flow
Free cash flow677M TWDFY2025
Net debt232M TWDFY2023 · ≈ 0.3 yrs of FCF
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality74/100
Of which business quality 75
· Market factors (momentum, volatility) 25
Profitability83
Margins and returns on capital today
Quality Growth94
Are margins and returns improving?
Cashflow83
Earnings quality: real cash, not paper profit
Fin. Strength98
Balance sheet, leverage, solvency risk
Investment28
Disciplined investing over empire-building
Low Volatility42
Calm price path (market factor)
Momentum26
Price trend over the last 3–12 months (market factor)
52W Momentum4
Distance to the 52-week high (market factor)
Net Issuance34
Buybacks instead of dilution
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Wiselink Co., Ltd. manufactures and sells zippers under the MAX Zipper brand name worldwide. It offers invisible, coil, Delrin, and metal zippers and sliders; tape attachable and attach links, spring-lock, and plastic slider; and metal, plastic, cord, diamante, leather, and woven puller.
Full company description
Wiselink Co., Ltd. manufactures and sells zippers under the MAX Zipper brand name worldwide. It offers invisible, coil, Delrin, and metal zippers and sliders; tape attachable and attach links, spring-lock, and plastic slider; and metal, plastic, cord, diamante, leather, and woven puller. The company's products are used in garment, sporting goods, leather bags, luggage, automobile seats cover, and other processed goods. Wiselink Co., Ltd. was founded in 1978 and is headquartered in Taipei, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Max Zipper Co Ltd reported revenue of 2.3B TWD in FY2025 versus 943M TWD in FY2021, a compound +24.6%/yr. Reported net income was 658M TWD in FY2025.
Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
2.3B TWD
Latest YoY
+51.8%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+41.6%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+23.2%
Avg. revenue growth/yr (8Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.7%
Value creation/yr (3Y, in TWD) ⓘEarnings growth per share (CAGR 3 years) plus dividend yield: value created per share and year. Measured in TWD: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +19.5%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+18.7%
Dividend yield0.8%
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−6.2% (2020) → 47.4% (2025) · rising
Worst earnings drop121% (2020) (loss year, drop beyond 100%) · in TWD
⚠ Revenue per share shrinking 16.8%/yr over ~6Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Final year 2025 sits 84% above trend (one-off), rate approximate
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Max Zipper Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/8932
Peer Group
Apparel Manufacturing · 217 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation
Quality Score74 · Top 25%
Fair Value upside−65% · Bottom 25%
Profitability
Return on equity (TTM)37% · Top 25%
Return on assets21% · Top 25%
Net margin (TTM)31% · Top 25%
Operating margin (TTM)44% · Top 25%
Growth and dividend
Revenue growth8% · Above median
Dividend yield (TTM)0.8% · Bottom 25%
Balance sheet
Debt / equity0.15× · Above median
Valuation Multiples vs Apparel Manufacturing median · lower = cheaper
P/E (TTM)77.8× · Priciest 25%
P/B17.90× · Priciest 25%
P/S (TTM)16.92× · Priciest 25%
P/FCF1.9× · Pricier than median
EV/EBITDA33.7× · Priciest 25%
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must Max Zipper Co Ltd deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
This stockSector peers
VALUE0· sector 30
FUTURE41· sector 5
PAST100· sector 19
HEALTH92· sector 98
DIVIDEND15· sector 54
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Apparel Manufacturing stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
Is Max Zipper Co Ltd (8932) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of 31.83 TWD versus a price of 93.40 TWD, about −66% upside (overvalued).
What is the fair value of 8932?
Our model-based fair value for Max Zipper Co Ltd is 31.83 TWD (as of Aug 27, 2026), built from audited fundamentals. The current price: 93.40 TWD.
What is the quality score of 8932?
Max Zipper Co Ltd has a Quality Score of 74/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Max Zipper Co Ltd (8932)?
Our model-based price target is the fair value of 31.83 TWD (as of Aug 27, 2026) from 26 valuation models. Cautious scenario 23.74 TWD, optimistic scenario 60.12 TWD. It is a calculation from audited fundamentals, not an analyst target.
What is the Max Zipper Co Ltd stock forecast for 2026?
Our models put fair value at 31.83 TWD, about −66% upside versus a price of 93.40 TWD (overvalued). Cautious scenario 23.74 TWD, optimistic scenario 60.12 TWD. The calculation is refreshed regularly with new filings.
What is the revenue of Max Zipper Co Ltd (8932)?
Max Zipper Co Ltd reported trailing-twelve-month revenue of about 2.4B TWD (latest available figure, as of Aug 27, 2026).
What is the net profit margin of 8932?
The net profit margin of Max Zipper Co Ltd is about 29.8%, meaning it keeps roughly 29.8% of revenue as net income. Based on the latest reported figures.
Does Max Zipper Co Ltd pay a dividend?
Max Zipper Co Ltd currently shows a dividend yield of about 0.77% relative to its recent price (as of Aug 27, 2026).
What growth is priced into Max Zipper Co Ltd (8932)?
For today's price to be fair in a discounted-cash-flow model, Max Zipper Co Ltd would have to grow free cash flow by +22.6 % per year for ten years (discount rate 10.9 %, then 2 % perpetual growth). Over the last 5 years revenue grew +23.2 % per year. As of Aug 27, 2026.
What discount rate (WACC) does the fair value of 8932 use?
Our models discount Max Zipper Co Ltd at 10.9 %: a base by market capitalisation (small), damped by beta 0.71, country premium for Taiwan. The same rate applies in all 26 models.
What is the intrinsic value of Max Zipper Co Ltd (8932)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Max Zipper Co Ltd it is 31.83 TWD per share (as of Aug 27, 2026), against a price of 93.40 TWD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Max Zipper Co Ltd stock overvalued or undervalued in 2026?
As of Aug 27, 2026, 8932 trades above its calculated fair value: price 93.40 TWD, fair value 31.83 TWD, a gap of about −66% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 8932?
No. The price is what the market pays today (93.40 TWD); the fair value is what the company's own numbers justify (31.83 TWD). For Max Zipper Co Ltd the two are 61.57 TWD per share apart. That gap is exactly why we show both numbers side by side.
How much is Max Zipper Co Ltd worth?
The market values Max Zipper Co Ltd at about 40.7B TWD (market capitalisation, as of Aug 27, 2026). Per share that is 93.40 TWD; our models calculate a fair value of 31.83 TWD per share.
What do the bullish and bearish scenarios say about 8932?
Our models span a range for Max Zipper Co Ltd: cautious scenario 23.74 TWD, base 31.83 TWD, optimistic 60.12 TWD per share (as of Aug 27, 2026, price 93.40 TWD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 8932?
Max Zipper Co Ltd trades at a price-to-earnings ratio of 77.8 (as of Aug 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 31.83 TWD is built from several models across several years. Other multiples: P/B 17.9, P/S 16.9, EV/EBITDA 33.7.
How solid is the balance sheet of Max Zipper Co Ltd (8932)?
Balance-sheet figures for Max Zipper Co Ltd (as of Aug 27, 2026): return on equity 36.9%, debt of 0.15 per unit of equity. They feed the Quality Score of 74/100, which measures business quality independently of the share price.
How far is 8932 from its 52-week high?
Max Zipper Co Ltd trades at 93.40 TWD, about 62% below its 52-week high of 248.50 TWD and 18% above the low of 79.30 TWD (as of Aug 27, 2026). Distance from the high says nothing about value: that is what the fair value of 31.83 TWD is for.
Which stocks are comparable to Max Zipper Co Ltd?
From the same area (Consumer Cyclical) we also value H & M Hennes & Mauritz AB, Ralph Lauren Corporation, Moncler S.p.A, Gildan Activewear Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Max Zipper Co Ltd stock attractive at the current price?
The data as of Aug 27, 2026: price 93.40 TWD, calculated fair value 31.83 TWD (−66%), Quality Score 74/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 8932 calculated?
We run Max Zipper Co Ltd through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 31.83 TWD, with the spread shown as a cautious and an optimistic scenario.
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